LLC Question
if you have a property owned by an LLC (me and the partner names on the LLC) could he sell the property without my knowlege or signture, or do we both have to sign at the closing for it to be legal, I am just trying to be careful . any feedback or opinions
thanks shortsalepro, but there is more to it, the partner already bought a lot and put it in the LLC I come in now he ask me if I would like to get in the deal and help with construction cost 50/50 and split the profit 50/50 ofcouse after taking out what he spent on the lot purchase so far. the way he he did the LLC he just wen to the North carolina secretary of state web site online and registered an LLC so no lawyer drafted the LLC doc, and he told me that I would be added to to LLC online as well in addition to his name, how does this sound to you?
My theory was that if I said that the homeowners were going to file bankruptcy if a deficiency was sought than perhaps the 2nd would backoff a bit.
The 1st has not given me closing instructions yet because they are allowing me time to negotiate with the 2nd. They seem to be in no rush. They have also showed no interest in what the 2nd is getting and the loss mitigator on the 1st is actually the one that suggested using the bankruptcy card as a bargaining tool.
Hi. Email I may be able to refinance you out of the const. loan to a fixed 5yr (hybrid) option arm that you can hold the property with a 3% to4% rate on the min payment option not defferring too much negatively, then sell as the market turns later for what you owe. As long as you have no lates yet, and your credit score is decent then this shouldnt be a problem to do quickly.
To your question, the short sale may reflect negaitvely on your credit if the bank decides to report the short sale per the mortgage history. I know they will most likely 1099 you for the difference or either place a judgement against you for the difference they lose on the loan. I have had clients reply recently that is what the bank told them when they asked the same questions on short sales. Best to do is call your bank and ask. Every lender is different and they may have an option for you given the market these days.
Email your contact info if you need anything.